Lewis and Tyson are set for a June bout
Lewis, the defending WBC and IBF champion, reportedly asked for a clause in the fight contract to ensure the massive payout should Tyson get his teeth into his opponent once again.
The American was said to have taken a chunk out of Lewis' leg in a brawl at their initial pre-fight press conference in New York.
But this week Tyson's camp laughed off Lewis' request.
Lawyer Jeff Fried, told The Sun: "To even raise these types of issues takes some nerve.
"When I hear about a request like monetary compensation for a foul, I have to ask will it be reciprocal?
"Can Lennox foul Mike? What would that cost? It's something I simply shake my head at."
Memphis bid
Despite the rebuffal of Lewis' compensation request, Tyson has agreed to pay on undisclosed sum for his part in the pre-fight fracas in New York.
The payout came during lengthy discussions between the two sides in Memphis where the two may eventually meet in the ring in June.
Tyson's adviser Shelly Finkel and Gary Shaw of Main Events, Lewis' New Jersey-based promoter, held a meeting with officials of the 20,500-seat Pyramid arena on Monday.
The venue has left 8 June open for a possible Tyson-Lewis bout.
"There are meetings going on and there are representatives of all concerned parties in attendance," said Greg Lowry, a spokesman for the Pyramid.
The Tyson-Lewis fight was originally scheduled for Las Vegas in April.
But Nevada refused to licence Tyson after their news conference brawl and also because of Tyson's past behaviour.